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Ilyce Glink is an award-winning, nationally syndicated columnist, television reporter and radio talk show host who is widely known for her ...
Ilyce Glink & Samuel Tamkin
Real Estate MattersE-mail
New job hours away likely gets HUD buyer off hook
April 24, 2014
By Ilyce Glink and Samuel J. Tamkin
Rejected for HARP refi? Try again
April 24, 2014
By Ilyce Glink and Samuel J. Tamkin
Time for underwater real estate investors to cut losses
April 24, 2014
By Ilyce Glink and Samuel J. Tamkin
Hiring an agent
April 17, 2014
By Ilyce Glink and Samuel J. Tamkin
Figuring cost basis for gain on home
April 17, 2014
By Ilyce Glink and Samuel J. Tamkin
Buying home for short stay not financially wise
April 17, 2014
By Ilyce Glink and Samuel J. Tamkin
The ethics of walking away from a mortgage
April 10, 2014
By Ilyce Glink and Samuel J. Tamkin
Sale of 2nd home creates tax complexities
April 10, 2014
By Ilyce Glink and Samuel J. Tamkin
Passive vs. active investing in real estate
April 10, 2014
By Ilyce Glink and Samuel J. Tamkin
Dealing with collection agency after foreclosure
April 6, 2014
By Ilyce Glink and Samuel J. Tamkin
Good business partnership rests on good partnership agreement
April 5, 2014
By Ilyce Glink and Samuel J. Tamkin
Is short sale best option for young widow?
April 4, 2014
By Ilyce Glink and Samuel J. Tamkin
Is 15-year mortgage better choice than 30-year?
April 3, 2014
By Ilyce Glink and Samuel J. Tamkin
Old mortgage bedevils would-be home buyer
March 30, 2014
By Ilyce Glink and Samuel J. Tamkin
Planning for a short sale before buying new home
March 29, 2014
By Ilyce Glink and Samuel J. Tamkin
Sell low-value house or just donate it to charity?
March 28, 2014
By Ilyce Glink and Samuel J. Tamkin
Investing for the really long haul
March 27, 2014
By Ilyce Glink and Samuel J. Tamkin
Renovate for your pleasure, not for resale
March 23, 2014
By Ilyce Glink and Samuel J. Tamkin
Take a pass on hard money lenders
March 22, 2014
By Ilyce Glink and Samuel J. Tamkin
Why is real estate market so sluggish?
March 21, 2014
By Ilyce Glink and Samuel J. Tamkin
Are solar panels worth the investment?
March 20, 2014
By Ilyce Glink and Samuel J. Tamkin
One LLC or many for landlord?
March 16, 2014
By Ilyce Glink and Samuel J. Tamkin
When capital gains tax applies to primary residence
March 15, 2014
By Ilyce Glink and Samuel J. Tamkin
LED vs. CFLs: Shedding some more light on the subject of light bulbs
March 14, 2014
By Ilyce Glink and Samuel J. Tamkin
Making sense of figures on a HUD-1 form
March 13, 2014
By Ilyce Glink and Samuel J. Tamkin
Point of LLC is to shield owners; don't play fast and loose
March 9, 2014
By Ilyce Glink and Samuel J. Tamkin
Repayment of home buyer tax credit not triggered by refi
March 8, 2014
By Ilyce Glink and Samuel J. Tamkin
Home seller obliged to clean house for buyers
March 7, 2014
By Ilyce Glink and Samuel J. Tamkin
Post-divorce mess with distressed home
March 6, 2014
By Ilyce Glink and Samuel J. Tamkin
Living trust may solve incipient family friction over home
March 2, 2014
By Ilyce Glink and Samuel J. Tamkin
Cosigner on mortgage gets burned when friends lose home
March 1, 2014
By Ilyce Glink and Samuel J. Tamkin
Uncertainty about future home affordability
February 28, 2014
By Ilyce Glink and Samuel J. Tamkin
Pay down mortgages with 401(k) money?
February 27, 2014
By Ilyce Glink and Samuel J. Tamkin
Figuring out capital gains tax liability on rental home
February 23, 2014
By Ilyce Glink and Samuel J. Tamkin
Best option for underwater homeowner may be letting condo go
February 22, 2014
By Ilyce Glink and Samuel J. Tamkin
Making a settlement with debt collectors
February 21, 2014
By Ilyce Glink and Samuel J. Tamkin
Ex-wife took fraudulent mortgage out on home
February 20, 2014
By Ilyce Glink and Samuel J. Tamkin
Forgiven loan deficiencies become taxable again in 2014
February 16, 2014
By Ilyce Glink and Samuel J. Tamkin
How to get credit history and score without obligation
February 15, 2014
By Ilyce Glink and Samuel J. Tamkin
Discovering responsibilities of easement might be a challenge
February 14, 2014
By Ilyce Glink and Samuel J. Tamkin
When it comes to ownership, don't confuse mortgage and title
February 13, 2014
By Ilyce Glink and Samuel J. Tamkin
Mom can help potential home buyer, but beware unnecessary costs
February 9, 2014
By Ilyce Glink and Samuel J. Tamkin
Fate of home uncertain after divorce
February 8, 2014
By Ilyce Glink and Samuel J. Tamkin
Condo boards should take care when limiting rentals
February 7, 2014
(c) 2014 ILYCE R. GLINK AND SAMUEL J. TAMKIN. DISTRIBUTED BY TRIBUNE CONTENT AGENCY, LLC.
What is liability in unpermitted addition?
February 6, 2014
By Ilyce Glink and Samuel J. Tamkin
How to save money and lower mortgage insurance
February 2, 2014
Q: I'm 28-years-old. My wife and I have owned our home for 2.5 years now. When we purchased it, I did not put down 20 percent, so I'm paying roughly $165 per month for mortgage insurance (PMI). If it helps, we do not plan on living in this house forever, but likely for the next five to 10 years. I have a low interest rate on our mortgage of 4.25 percent on a standard 30-year fixed FHA loan. I have a payment schedule set up with Wells Fargo for weekly mortgage payments, with an extra $30 per week to be applied to the principal.
What to do about a stolen identity
February 1, 2014
Q: My identity was stolen to open a Comcast account. Since I didn't pay the bill it was sent to a collections company. Now I have a record on my credit report. Comcast and the collections company tell me I have to dispute with the credit reporting agencies as they can't help me. Is it true that I have to go through the credit reporting agencies? I did file a police report.
Make an informed decision regarding property value
January 31, 2014
Q: I have owned my building for eight years and have been living in one unit and renting out the other for just as long. I recently moved from my rental property and purchased a house in a different state with my wife and kids. Trying to maintain the buildings has been a challenge since I don't live near the property. I thought about selling the building only to find out that it is worth $100,000 less than what I owe.
Having insurance now more important than ever
January 30, 2014
Sam was in court the other day, and while waiting for his case to get called, he watched a woman who was cited for driving without insurance talk to the judge.
Reverse 1031 exchange is possible but can be tricky and expensive
January 26, 2014
By Ilyce Glink and Samuel J. Tamkin
Underemployed and near retirement, downsizing home may help
January 25, 2014
By Ilyce Glink and Samuel J. Tamkin
Considering a contract sale for your home? Seller beware!
January 24, 2014
By Ilyce Glink and Samuel J. Tamkin
Forgiven foreclosure deficiency will likely add to income tax
January 23, 2014
By Ilyce Glink and Samuel J. Tamkin
Five years after bankruptcy, lender kyboshes borrower's home purchase
January 19, 2014
By Ilyce Glink and Samuel J. Tamkin
Codify relationship in writing before starting real estate venture with friends
January 18, 2014
By Ilyce Glink and Samuel J. Tamkin
CFPB's new 'qualified mortgage' rule now in effect
January 17, 2014
By Ilyce Glink and Samuel J. Tamkin
No point in paying extra to retire low-rate mortgages
January 16, 2014
By Ilyce Glink and Samuel J. Tamkin
'Transaction' broker not looking out for buyer's interest
January 12, 2014
By Ilyce Glink and Samuel J. Tamkin
Modest estate should not have tax implications for heirs
January 11, 2014
By Ilyce Glink and Samuel J. Tamkin
Personal finance resolutions for 2014
January 10, 2014
By Ilyce Glink and Samuel J. Tamkin
Who's to blame for acreage error in listing?
January 9, 2014
By Ilyce Glink and Samuel J. Tamkin
Redress after 'erroneous' foreclosure
January 5, 2014
By Ilyce Glink and Samuel J. Tamkin
Tax implications of selling investment condo at a loss
January 4, 2014
By Ilyce Glink and Samuel J. Tamkin
Home seller resolutions for 2014
January 3, 2014
By Ilyce Glink and Samuel J. Tamkin
The rent is still too darn high
January 2, 2014
By Ilyce Glink and Samuel J. Tamkin
1031 exchange made more difficult by LLC
December 29, 2013
By Ilyce Glink and Samuel J. Tamkin
More on siblings inheriting property
December 28, 2013
By Ilyce Glink and Samuel J. Tamkin
New Year's resolutions for home buyers
December 27, 2013
By Ilyce Glink and Samuel J. Tamkin
How do you get a great appraisal? Try eliminating the AMC
December 26, 2013
By Ilyce Glink and Samuel J. Tamkin
Sale of residence-turned-rental will incur capital gains tax
December 22, 2013
By Ilyce Glink and Samuel J. Tamkin
Couple wise to delay divorce until new year
December 21, 2013
By Ilyce Glink and Samuel J. Tamkin
Bad experience with agent doesn't bode future satisfaction
December 20, 2013
By Ilyce Glink and Samuel J. Tamkin
Don't rush home upgrades just to get tax credit
December 19, 2013
By Ilyce Glink and Samuel J. Tamkin
Putting child on home title complicates estate planning
December 15, 2013
By Ilyce Glink and Samuel J. Tamkin
How to select an agent to sell your home
December 14, 2013
By Ilyce Glink and Samuel J. Tamkin
Higher mortgage rates reflect improving economy
December 13, 2013
By Ilyce Glink and Samuel J. Tamkin
Conversion of primary residence to rental may complicate refi
December 12, 2013
By Ilyce Glink and Samuel J. Tamkin
Homeowner suspects damage from nearby fracking operation
December 8, 2013
By Ilyce Glink and Samuel J. Tamkin
Better to give up underwater home or struggle on?
December 7, 2013
By Ilyce Glink and Samuel J. Tamkin
To sell a home, you need to assemble a great team of pros
December 6, 2013
By Ilyce Glink and Samuel J. Tamkin
Convert home in movie set? Deal sounds complicated
December 5, 2013
By Ilyce Glink and Samuel J. Tamkin
Should fiance be added to future husband's house title?
December 1, 2013
By Ilyce Glink and Samuel J. Tamkin
Don't pay off mortgage at expense of cash cushion
November 30, 2013
By Ilyce Glink and Samuel J. Tamkin
Foreclosure looms after years in pursuit of modification
November 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Refinance is possible, but tricky, after foreclosure
November 28, 2013
By Ilyce Glink and Samuel J. Tamkin
Title insurance may cover buyer defrauded in condo purchase
November 24, 2013
By Ilyce Glink and Samuel J. Tamkin
What to do with house inherited with sister?
November 23, 2013
By Ilyce Glink and Samuel J. Tamkin
In competitive market, mortgage lenders brush up on service
November 22, 2013
By Ilyce Glink and Samuel J. Tamkin
Are real estate websites undercutting value of your home?
November 21, 2013
By Ilyce Glink and Samuel J. Tamkin
Turning FHA-financed condo into a rental: Good idea?
November 17, 2013
By Ilyce Glink and Samuel J. Tamkin
Cash-out refi a challenge for borrower with credit ding
November 16, 2013
By Ilyce Glink and Samuel J. Tamkin
Housing recovery' stumbling block: Weak household formation
November 15, 2013
By Ilyce Glink and Samuel J. Tamkin
Early mortgage payoff saves you on interest, not principle
November 14, 2013
By Ilyce Glink and Samuel J. Tamkin
Buyer seeks remedy for faulty toilet plumbing
November 10, 2013
By Ilyce Glink and Samuel J. Tamkin
Refinancing vacation home can be tricky without lots of equity
November 9, 2013
By Ilyce Glink and Samuel J. Tamkin
Should underwater homeowner stiff lender despite ability to pay?
November 8, 2013
By Ilyce Glink and Samuel J. Tamkin
Mortgage debt forgiveness will be taxable in 2014
November 7, 2013
By Ilyce Glink and Samuel J. Tamkin
If you buy a foreclosure, expect to find problems
November 3, 2013
By Ilyce Glink and Samuel J. Tamkin
Any options when it's too late for 1031 exchange?
November 2, 2013
By Ilyce Glink and Samuel J. Tamkin
Understanding how mortgage prepayment works
November 1, 2013
By Ilyce Glink and Samuel J. Tamkin
Foreclosure in wife's past complicates refinance
October 31, 2013
By Ilyce Glink and Samuel J. Tamkin
Did agent mislead buyer into making high bid?
October 27, 2013
By Ilyce Glink and Samuel J. Tamkin
Retirees with good credit denied small loan
October 26, 2013
By Ilyce Glink and Samuel J. Tamkin
Minimizing capital gain tax after vacation home sale
October 25, 2013
By Ilyce Glink and Samuel J. Tamkin
Good mortgage broker can help self-employed refinance
October 24, 2013
By Ilyce Glink and Samuel J. Tamkin
Choosing a good agent to sell your home
October 20, 2013
By Ilyce Glink and Samuel J. Tamkin
Investment property owner can't set up 1031 tax deferment after a sale
October 19, 2013
By Ilyce Glink and Samuel J. Tamkin
'Credit enhancement' complicating HARP refi
October 18, 2013
By Ilyce Glink and Samuel J. Tamkin
Getting help from unresponsive lender
October 17, 2013
By Ilyce Glink and Samuel J. Tamkin
Litigation against negligent developer an option, but a costly one
October 13, 2013
By Ilyce Glink and Samuel J. Tamkin
When contesting property taxes, professional help often gets better results
October 12, 2013
By Ilyce Glink and Samuel J. Tamkin
To resolve parking space ownership dispute, documents will tell the story
October 11, 2013
By Ilyce Glink and Samuel J. Tamkin
Saving home might not be best idea for long-term unemployed borrower
October 10, 2013
By Ilyce Glink and Samuel J. Tamkin
When it comes to buying pre-foreclosures or short-sales, protect yourself
October 6, 2013
By Ilyce Glink and Samuel J. Tamkin
Reporting late-paying tenants can be a challenge
October 5, 2013
By Ilyce Glink and Samuel J. Tamkin
While prices rise and interest rates remain low, doubt remains
October 4, 2013
By Ilyce Glink and Samuel J. Tamkin
Beware bad contingency advice
October 3, 2013
By Ilyce Glink and Samuel J. Tamkin
The mystery of cheap jumbo mortgages
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Semi-retired homeowner looking for options on hefty home equity loan
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Finding an agent you can work with
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Up market opens door to discount brokers and FSBO
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Who gets unused repair funds in escrow?
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Bill for payment arrives after mortgage is paid off
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Following modification, homeowner has regrets
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Negative equity dropping as housing market improves
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Credit check turns up theft of homebuyer's identity
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Short sales tricky with two lenders involved
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Due-on-sale clause doesn't always force repayment of mortgage balance
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Owners need to research less costly resolution of condo association dispute
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Recovering from foreclosure
September 29, 2013
Q: I am a regular listener to Ilyce's radio show and love it! I wish I had known about the show five years ago when my then-boyfriend, now husband, lost his home to foreclosure.
Intergenerational housing design may not be perfect, but it's meeting a growing need
September 29, 2013
Q: I read your article this morning about NextGen by Lennar Homes. I went to Lennar's website and checked out the floor plans.
Who's responsible for water running off road into yard?
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Frustrated by short sale
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Getting on MLS improves chance of FSBO success
September 29, 2013
Q: I have finally had it with real estate agents and have decided to use a for sale by owner (FSBO) Web service.
Cost vs. value of renovation: Are numbers reliable?
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Pay off mortgage or fund retirement immediately?
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Hiring your own appraiser may be no help with bank
September 29, 2013
Q: Our bank came in with an appraised value that is about one-third of what we originally borrowed to buy in 2006. Our loan is coming due (we had a balloon loan) and we need to know the best way to find a qualified independent commercial real estate appraiser to see if we can get a different appraisal.
Is a condo right for a retired buyer?
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Most homeowner's insurance policies would not cover damage from fracking
September 29, 2013
Q: I've not seen fracking addressed in your column but I understand that doesn't mean you haven't! Most homeowners do not know their home insurance does not cover fracking, even if they have earthquake coverage, because it would be "man-made" earthquake/earth movement. Can you please comment on how homeowners can protect themselves?
Sell or hold Las Vegas rental for better option in Arizona?
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Co-owner helped brother buy house, now wants to avoid tax liability upon sale
September 29, 2013
Q: I own a house with my brother that we bought for $243,000. We now plan to sell it for about $323,000. My brother lived in it until last year and then rented it out.
Think carefully before becoming landlord
September 29, 2013
Q: I am 51 years old and married without kids. Together, we earn around $100,000. I have a VA mortgage with about $38,000 left on the loan. We also have about $200,000 in retirement savings and around $50,000 in savings and $70,000 in stocks.
Lender not necessarily at fault when borrower misses low interest rate
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Heir of income property wants to minimize tax liability
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
No use in blaming others for losing in real estate bust
September 29, 2013
Q: Back in 2005, I bought a condo with inherited cash for my disabled son to live in. I used an inheritance to buy the condominium. The condo was ridiculously high priced for a tiny one bedroom.
Research helps buyers seal deal on distressed gem of a house
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Timeshares can cause headaches for heirs
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
How can unemployed homeowner preserve credit rating?
September 29, 2013
Q: I met Ilyce at a speech she gave last year about financial planning and retirement. Last week, I was laid off by the company that sponsored the speech.
The virtues of paying down mortgage early
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Loan documents often missing these days after mortgage is paid off
September 29, 2013
Q: In a recent column you wrote that when you pay off your mortgage you should receive, among other things, the original note marked "paid" or shown with a zero balance.
Always better to work out deal with lender
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Divorce complicates short sale
September 29, 2013
Q: I am separated from my husband. I live in the house, but he doesn't. I am on the title to the home, but he is on the mortgage. I will be moving soon. Can I sell the house without him being a part of the process? The home is underwater, and I recently filed for bankruptcy. What are my options?
Is lender at fault for missed rate lock?
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Agents won't sacrifice good reputation for a few dollars more of commission
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Baby boomers' dilemma: Indulge now or save for later
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Lack of comps hindering homeowner's ability to refinance
September 29, 2013
Q: I built my home in 2006 for $750,000. I have a loan with a balance of about $525,000 and an interest rate of 6.625 percent.
What to do with inherited home? Preserve sibling relationship first
September 29, 2013
Q: Our parents left their home to me and my two sisters. The home is in Oklahoma and was appraised at $49,000 three years ago. It has a mortgage with a balance of about $21,000 and the house needs some repairs. One of my sisters wants to buy out my sister and me. She's offering us each $9,000. Does this amount sound fair?
Lowest mortgage rates in history are a golden opportunity -- for those who are employed and solvent
September 29, 2013
It's difficult to believe that mortgage interest rates are now officially at the lowest point in history.
Use inheritance to pay down mortgage, or keep loan and invest money?
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Change in quality of appraisers a cause of concern
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Hard-money lenders and the fix-and-flip game
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Whither real estate market as interest rates rise?
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Will commercial short sale affect home refi?
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Debt vs. equity in real estate investing
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Sticking with variable-rate mortgage might not be so bad
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Ask the right questions before taking loan
September 29, 2013
Q: I've just gone through a refinancing and found myself wondering about certain questions I should have asked. The main question was whether my loan has a pre-payment penalty. Also, I wanted to know whether there is a time limit when costs are absorbed into the loan with no payback. But, most importantly, I don't really know all the questions to ask and what traps I should avoid when refinancing.
Keeping the American Dream alive
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Giving up interest in home does not free you from mortgage obligation
September 29, 2013
Q: I did an act of donation on my house to my ex-husband. He is going to give me a fixed payment once he refinances the home. Is there a way to get my name off of the mortgage now since I did give him the property?
Condo association may have to fix road problem
September 29, 2013
Q: I recently read a response you wrote to a reader about her building shaking when big trucks go by. I have a similar issue.
Divorcees beware: You're not off the mortgage until you're off the mortgage
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
House is robbing homeowner of happiness
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
A good appraisal is hard to find
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Low appraisal complicates home purchase
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Buyer should be prepared to walk after last-minute shenanigans
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Rehab loan on underwater home is a dicey proposition
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Is it worth suing disappearing contractor?
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Appraising not an exact science
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
When it makes sense to sell 'by owner'
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Wife exiting abusive marriage should let the house go, too
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Rule with self-directed IRAs: Investor really beware
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Low-balance mortgage may be difficult to refinance
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
After foreclosure, mysterious eviction record surfaces
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Appraisal before making offer on home can save you from costly mistake
September 29, 2013
Q: We are trying to buy a new home and would like to hire a reputable home appraiser to look at the property to get a real sense of what it is worth.
Despite signs of a seller's market, it's still a great time to buy real estate
September 29, 2013
Home buyers and real estate investors have been in a good mood for years, since around 2007, when the housing crisis began.
Consider cost and return when planning bathroom remodel
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Don't blame all LLCs for the irresponsibility of a few
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
A 1031 exchange gone wrong
September 29, 2013
Q: During the process of completing a 1031 exchange, my mortgage broker told us the day before our 180 day limit for closing on our purchase that our lender didn't approve the development.
Is 'morality' the most relevant issue when letting underwater house go?
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Are underwater homeowners fighting losing battle?
September 29, 2013
Q: We are currently underwater on our primary home mortgage. Our mortgage has been modified twice, and all payments were added to the back of mortgage. Our loan balance was once $216,000 and now is $285,000.
80 years old and underwater
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Short sale with two different lenders a tough transaction to carry off
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Owning land does not always mean you reserve mineral rights
September 29, 2013
Q: How can it be legal for gas and oil companies to drill under my daughter's property without her permission? In my mind, that is the same as trespassing and theft.
When refinancing, always shop around
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Not all mortgages are assumable
September 29, 2013
Q: I read your recent column titled "Giving up interest does not free you from mortgage obligation."
Priority for retirees, even well-off ones, is to reduce living expenses
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Career in real estate can be rewarding, but it's a lot of work
September 29, 2013
Q: For the past 20 years, I've worked as a combination legal assistant, paralegal and office manager. Now my boss is retiring and closing the office.
What documents to look for when mortgage is paid off
September 29, 2013
Q: My husband and I are close to paying off our home mortgage and would like to know what documents we will receive from the mortgage company once we do.
In hot market, buy now or later?
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Mortgage restriction on renting out property not likely to be enforced
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Adequate reserves are only one of the requirements for condo associations under new lending guidelines
September 29, 2013
Q: When we tried to sell our condominium, the buyer was denied a loan due to the fact the condo/management association did not transfer 10 percent into the reserve fund. What are the requirements for reserves and do we have any recourse against the management company for failing to fund the reserve fund properly?
Figuring out tax implications of rental converted to primary residence
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Proving breaches of disclosure can be difficult
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Couple may have to pursue bankruptcy to deal with underwater investment property
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Getting help to get out of debt
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Is the foreclosure crisis over? Evidence points both ways
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Considering a vacation rental property
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Address error in mortgage docs not likely to cause problems
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Plenty can go wrong when you don't plan contingencies in purchase
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Happy ending to yearlong short sale ordeal
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
When unmarried friends buy property, a partnership agreement is a must
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Prepayment penalties rare on home loans
September 29, 2013
Q: You recently answered a question from a rental property owner about whether to refinance into a 15-year vs. a 30-year loan. I bought my house in 1976 for $70,000 with a 30-year loan where the mortgage payment was $410 per month. At some point, I started paying an extra $410 per month on the principal balance, and ended up paying off the loan in 20 years.
Self-managing association may save money
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Is homeowner on the hook for senior exemption not removed from tax bill?
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Getting a mortgage after paying cash for a home
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
September 29, 2013
Investors continue to buy up single family houses: Will this end well?
September 29, 2013
By Ilyce Glink and Samuel J. Tamkin
Buying vs. renting at 66
September 29, 2013
Q: I am a 66-year old single female. I currently rent a home for $875 per month (low for this area because I have been in this location for nine years). My income includes Social Security (approximately $1,600 per month), earnings from two part-time jobs (approximately $170 per week), and two small retirement accounts that provide me with about $340 per month.
Breaking into the real estate business
September 28, 2013
Q: What are some ways that an 18-year old individual can get started in real estate as a business? I want to learn everything I need to know about buying, selling and investing in real estate.
Three-way house purchase must be spelled out in advance
September 27, 2013
Q: My husband, sister and I are buying a home. My sister would like to pay one-third of the cost of the house and we'd finance the rest of the purchase. My husband and I would pay the mortgage each month, but my sister would not contribute to any of those payments. Is there a problem with my sister putting up the money? Does the government care that she puts that money in without being on the debt, or does it matter?
Retiree must do own homework before buying REIT
April 6, 2013
Q: We are retired and our investment advisor suggested that we invest in REITS. Would this be a good idea? We have about $270,000 in assets and he wants us to invest about $30,000. We own our home without a mortgage.
Banks renewing interest in home equity lending
April 5, 2013
Q: My first mortgage will be paid in full in a couple of weeks. My home is worth around $300,000. I have a second loan of less than $30,000 with an interest rate of about 7 percent. Should I just double my payments to pay this down faster? Whenever I talk to my second lender, I get someone who sounds like they are from India. Should I try to lower my rate with them or look for a different second lender?
Don't blame the real estate agent, yet
April 4, 2013
Q: I've been trying to sell my house for the past few years and have hired and fired a bunch of agents because none of them was able to find a buyer. What's wrong with all of the agents out there?
Ask the real estate lawyer
March 31, 2013
Q: I have read many articles from you concerning quitclaim deeds. I have a very specific question related to it.
Financial questions and answers
March 30, 2013
Q: My son is a graduate student and working for a retailer while in school. He wants to buy a high-rise condominium in Atlanta, Georgia. He's going crazy with his 3-hour-per-day commute to his job.
Purchasing condo building a delicate endeavor
March 29, 2013
Q: I've been a loyal listener to your radio show since 2006. I also purchased your book "Buy, Close, Move In!"
HARP refi can be useful for rental properties
March 28, 2013
Q: I am interested in refinancing a rental property that qualifies for the Home Affordable Refinance Program (HARP). I owe $91,000 on the first mortgage and I have a second mortgage at $19,000. The first mortgage is at 6.75 percent and I'm paying $630 per month, without real estate taxes and insurance. And I'm paying $180 on the second mortgage. Both of these are 30-year loans.
Deed of mortgaged land from parents no easy process
March 24, 2013
Q: My parents have agreed to deed two acres of their property to me plus an easement for the driveway back to the future home site. The land was surveyed. The county has confirmed that I can build on the land. What is the process to have land deeded to a family member? What should I know about my parents' current mortgage?
Don't try shenanigans with S corporation
March 23, 2013
Q: I just formed an S corporation and I would like to raise some capital. Can I buy a house with my corporation at a good deal then sell it back to myself with a profit?
Simple advice for a strong financial foundation
March 22, 2013
Q: My wife and I have been married more than 30 years, but we don't have any kids. In our adult lifetimes, we have owned 11 homes in the United States and United Kingdom.
HARP refi on rental may not yield savings borrower imagines
March 21, 2013
Q: I enjoy your free weekly newsletter and Ilyce's Sunday show.
Multifamily building's code violations blackballing HAMP refi
March 17, 2013
Q: I own a duplex building near Georgia Tech that is rented to students. It's not the classic duplex with two equal sides. It has an upstairs, a downstairs and a finished basement. I split the upstairs and downstairs parts into two leases and signed leases with two groups of students.
For those who haven't refinanced in years, 15-year loans look especially good
March 16, 2013
Q: I caught a portion of a response you made via on your radio show about comparing a 30-year loan to a 15-year loan. If I understood you correctly, the difference between these loans might be only $35 to $40 per month. Information I've gotten from other sources says it would be considerably more.
Real estate market has undergone sea change in past 20 years
March 15, 2013
For 20 years, we have been chronicling the developments in the real estate industry in this weekly column. Boy, have times changed!
Taking short-sale hit and moving on may be best for young couple
March 14, 2013
Q: Our daughter and son-in-law are looking into using a company that sells new homes while agreeing to lease a buyer's current residence for six months.
Refinancing a home with a tax lien
March 10, 2013
Q: Our home has a lien on it from the Georgia Department of Revenue. The Department of Revenue gave us the go ahead to refinance our loan or get a loan modification. However, my lender has told me that we need to find a title company to help us out.
Loan modification not taxable for some, despite 1099-C form
March 9, 2013
Q: I modified my home loan last year following my divorce at the end of 2011. My first new payment on the modified loan was at 3.1 percent, down from a 9 percent rate. My house payment went from $1,300 a month to $529.
Architecture billings point to recovery, albeit tentative one
March 8, 2013
Is the economy turning around? Are we going into another recession?
Buying tax liens can be profitable -- but you better know process and understand risks
March 7, 2013
Q: I'm interested in getting involved in property tax lien purchases in Queens, N.Y. It seems everyone I ask shies away from answering my questions. I'm hoping you can help.
When shielding assets from creditors, avoid committing fraudulent transfer
March 3, 2013
Q: My brother wants to transfer ownership of his home into my name, and I need to know what the tax implications are for him and me if we do this. He received a settlement from his previous employer for getting hurt on the job and bought this house about a year and a half ago. He paid cash for it, so there is no mortgage on it.
For 'home run' refinance, you need to shop around
March 2, 2013
Q: My lender contacted me with an offer to lower the interest rate on my mortgage. I'm hesitant because the deal just looked too good to be true. My current interest rate is rate 5.6 percent and the new rate they are offering me is 4.125 percent with no closing costs.
Will the housing market revival last?
March 1, 2013
The housing market news sounds good this week. Sales of previously owned homes crawled up another 0.4 percent in January, which means that if this level of housing activity keeps up all year, sales will hit nearly 5 million,.
If lender is unresponsive, shop around for another
February 28, 2013
Q: My husband and I started a refinance late last year with an Internet lender, and we are still going through the process. Now our mortgage broker wants a letter about my husband's disability from the Department of Veterans Affairs (VA), and more proof of properties we owned.
What to do about noise in condo association?
February 24, 2013
Q: I borrowed your book for first-time home buyers from the library a few years ago. I need to read it again, and this time I'll buy it. But in the meantime, I'm hoping you can answer a question for me related to homeowners' associations and the way they manage properties.
After divorce, deed of home and mortgage become different issues
February 23, 2013
Q: When I was married, my wife and I bought a home with a VA loan. My wife and I later divorced and I was awarded the home in the divorce decree.
Manufactured homes and FHA financing
February 22, 2013
Q: We have a problem. My son bought a manufactured home last year at the age of 21 and got an FHA mortgage on the home. It appears that he should have never received the FHA loan due to the home.
New construction or 10-year-old home -- which is a better buy?
February 21, 2013
Q: My wife and I have saved about $225,000 and want to buy a bigger home with the cash. We owe about $120,000 on our current home. Our monthly mortgage payments are about $1,000. When we bought our new house, we paid $160,000 for it, and it is now appraised at around $126,000. We want to rent our current house and possibly get around $1,200 per month.
Protecting property from medical malpractice liability
February 17, 2013
Q: I bought my house 20 years ago, and today it is worth $300,000. I owe about $150,000 and have about 10 years left on a 15-year mortgage. The interest rate is 5.125 percent, and my monthly payment is $1,550.
Couple may have trouble proving house they bought is theirs
February 16, 2013
Q: I have a unique situation here. We purchased a house in September 2011, in Minnesota. My fiancee's great-grandmother is the one who took out the loan on our house, but we only wanted her to cosign for us.
Economic upturn -- and real estate recovery -- still in limbo
February 15, 2013
Each week, pundits step forward to proffer yet another prediction about where the housing market is going. Since 2006, when the housing market began its descent, all we've heard is that the residential real estate market has hit rock bottom, and the only way is up.
1031 exchange only applies to new purchase
February 14, 2013
Q: I currently own two rental properties. The first house is paid off. The second property still has 14 years on the mortgage.
Beware of making special arrangements
February 10, 2013
Q: I appreciated your article on the advantages and disadvantages of holding title to a home in a limited liability company (LLC).
Know your options when it comes to refinancing
February 9, 2013
Q: I have about $30,000 in savings and want to finish my basement. Would it be best to use the cash I have in savings to pay for it or should I try to finance it? I also have a 5.5 percent rate on my mortgage and am currently 2 years into it. Should I try to refinance and get an equity line of credit? What is my best option?
When loan modifications aren't enough
February 8, 2013
Q: The good news is that we got a loan modification. Unfortunately, the amount is now too high because my husband's income has decreased. My income is just enough to cover our house payment and his isn't enough to pay for all of the rest of our monthly expenses. Can I try to appeal the amount by reapplying with our lower income figures?
Financial hardships can lead to short sales
February 7, 2013
Q: I live in Georgia and have a house that I bought last year. Unfortunately, I can't afford the house any longer. I'm not sure what to do. Should I do a short sale or should I just let the bank foreclose. I am trying to do the best I can by not losing too much money.
Getting a builder to honor warranty problems
February 3, 2013
Q: We bought a house two years ago. Our purchase included a one-year warranty on the home. We have yet to get our one-year home fixes done. Some of our repair requests have been blatantly ignored and some have been only partially done.
Timeshare likely not a great investment idea
February 2, 2013
Q: My wife and I are looking for more ways to reduce our taxable income. Is buying a timeshare these days a good idea, and can it help?
Considering an iffy refinance offer
February 1, 2013
Q: We received an invitation from a loan company to refinance a rental home we own. Our current lender is in partnership with this company. The interest rate on our current loan is 6.25 percent with about 22 years left and about $89,000 to repay.
Consider selling home before buying new retirement nest
January 31, 2013
Q: I have a problem that I think others, in my age group at least, might share. I am retired and over 70 years old. I want to move away to California.
Should wife stay in house with husband in advance of divorce?
January 27, 2013
Q: My husband and I have been married for over 15 years. Two years ago, we separated and later decided to give ourselves a second chance. Unfortunately, it has not gone so well.
Hating your loan modification? It could be worse
January 26, 2013
Q: Unfortunately, I am stuck with one of the worst monster mega banks for my loan modification. When I applied for the modification, they classifying me as "delinquent" while they were processing my application. Finally, they lowered my interest to 5 percent from 5.75 -- much less than the other lenders were willing to do.
Sometimes it's best to let a house go
January 25, 2013
Q: I think my mortgage holder is going to start a foreclosure on me again, as they are not cashing my checks and have sent me numerous letters about the "HAMP" program, about which I have heard nothing but bad things.
Buy retirement place now or in 3 years?
January 24, 2013
Q: We're thinking of buying a property in Florida as a vacation home. Since we won't be able to use it a lot until my wife retires in three years, would it be better to wait until then to buy? Or should we strike now while values and rates are relatively low? If we buy now, are we better off paying in cash or obtaining a loan? We estimate it will cost us about $9,000 per year to own the home.
The nightmare of dumping a timeshare
January 20, 2013
Q: I am successfully retired after making very good personal money decisions for 50 years. I think I've only made three huge mistakes: I did not buy Home Depot in 1981 after getting solid advice to buy it; I did not buy gold at around $100 ounce; and I purchased a timeshare.
Who is liable when tenant instructs building management to dispose of owner's property?
January 17, 2013
Q: My parents own two apartments in the same building in San Antonio. I recently moved into one of them, and the other one was leased until September 2012.
Not much chance to sue builder after warranty expires
January 13, 2013
Q: I moved into my new home about two years ago. The house had been built about one year earlier and had never been lived in, so I did not think I would have problems with anything. I signed the closing papers through a mail-in packet where a notary came to me and my real estate agent went to the home to inspect it and do the walk-through.
Not paying assessments? HOA may be able to foreclose
January 12, 2013
Q: We have not paid our homeowner fees since early 2007, and I have received a notice of intent to foreclose lien from a local law firm. It states that if full payment is not received within 45 days of the date of the letter, the association will take legal action to foreclose my interest in the unit.
Personal finance resolutions for 2013
January 11, 2013
We're only halfway through the first month of 2013, and already everyone seems tired of talking about their personal finances.
Cash-in refinance makes sense for those with equity just shy of 20 percent
January 11, 2013
Q: I listen to your radio show frequently and wondered if you can offer advice on refinancing my home. My current lender does not offer any refinancing options for me. I have a credit score in the 800s and a 4.8 percent, 30-year fixed rate mortgage. My mortgage balance is $163,000 and my home has an appraised value of $193,000. I purchased the home about three years ago for about $215,000, so the value has dropped about $22,000.
Home seller resolutions for 2013
January 11, 2013
Looking around our neighborhood, I saw fewer "for sale" signs in December than the year earlier. In fact, several homes that were on the market for over a year sold last autumn and are now closing.
More on tax implications of inheritance vs. gift
January 10, 2013
Q: I'd like to comment on your recent article about a father who transferred title to his home to his trust, never recorded the deed, and then transferred the home to his child.
Options for selling property when buyer can't get immediate financing
January 6, 2013
Q: I recently read your article about an investor who bought and rehabbed a house to rent out, but who is now underwater on the loan, can't refinance and can only barely cover expenses with the rent he receives.
2008 home buyer tax credit does need to be repaid, barring loss on sale
January 5, 2013
Q: I bought a home in April 2008 and took advantage of the $7,500 home buyer tax credit. My understanding is I will have to pay back the full amount to the IRS unless I sell the home and take a loss on the sale. Am I correct on this?
New Year's resolutions for home buyers
January 4, 2013
In the nearly 20 years that we've been writing this column, we've offered New Year's resolutions for home buyers and sellers, plus New Year's financial resolutions that everyone can use to start their year off right.
When considering refinance, try for a 'home run'
January 3, 2013
Q: We have a mortgage loan on a second home (it's a vacation home) with our credit union. The APR is at 4.039 percent and the loan is just a little over a year old. We have about $63,000 in equity in the home, as it is currently valued at $295,000. The current balance is about $232,000. We have top tier credit.
Congress should extend tax relief for short sellers
December 30, 2012
Q: My daughter's home has been unoccupied for the last six months or so and is listed as a short sale. She has a buyer for the home and is waiting for her bank to process the short sale.
Taking advantage of the lowest mortgage rates
December 29, 2012
Q I keep hearing about these really low-rate refinance opportunities, but nobody seems to say which bank or mortgage broker is offering them. I have a 15-year fixed rate loan at 4.25 percent. I financed my loan under the Home Affordable Refinance Program (HARP). Can I even get another refinance at a lower rate?
A recap on residential real estate in 2012
December 28, 2012
Housing still matters to millions of Americans. And the real estate lobby in Washington, D.C., which includes the National Association of Realtors (NAR), the National Association of Home Builders (NAHB), and the Mortgage Bankers Association of America (MBA), would like to ensure that you continue to think about housing in a positive light as the nation's housing markets slowly crawl out of the gutter.
Sell second home now or let kids inherit it?
December 27, 2012
Q: In 1975, my parents built a four-bedroom house on Cape Cod and they put my name on the deed with theirs. My parents died quite some time ago, so I have had the house since then.
Deeding home to children is not a good way to pass on property
December 23, 2012
Q: When mom paid off her home years ago, she put the deed to her home in my sister's and my names, so there wouldn't be red tape if something happened to her. Years later, my sister has become an addict and has disappeared. My mom has taken care of her kids and the kids are now well into their teenage years.
Best to finance home improvements or pay for them out of pocket?
December 22, 2012
Q: I have bought and sold many homes in the past. I made money on all but the last one, on which I lost money big time. I recently bought a little house I call my "Medicaid Home" since the government will get it when I go in a nursing home.
Short sales and deficiency judgments: What you need to know
December 21, 2012
Q: In one of your recent columns, you referred to the term deficiency judgment when discussing a short sale. What if you closed on a short sale, but the lender reserved the right to file a deficiency judgment against you for the difference between the short sale price and the balance owed on the mortgage. How do you know if the state you live in prevents a lender from going after you for a deficiency judgment? What's the point of doing a short sale if the lender can still hold you liable for the full amount of the mortgage?
When hiring contractor, keep permit needs in mind
December 20, 2012
Q: I read an article you wrote on how to hire a contractor and thought it was very good, but two items that were not brought up were permits and inspections.
Trust not updated to reflect 1031 exchange
December 16, 2012
Q: My father recently passed away. He had a trust, and in that trust he listed a property for me and my brothers to inherit. The property was a commercial building in Southern California. Two years ago, he did a 1031 exchange for a trailer park in Northern California. He did not update the Trust with the new property. Who is entitled to the exchanged property? The trustee or the kids?
Looking for insurance to cover mortgage in case of unemployment
December 15, 2012
Q: I currently have 10 years left on my home mortgage of about $200,000, and I am 64 years old. I plan to work past 70, but I am concerned that my job might disappear or that I might have health issues that would force me to become unemployed.
Two years on, at peace with short sale
December 14, 2012
There is very little that makes short sellers happy these days. But we recently heard from one who finally at least made peace with his problem.
Better to inherit home than receive it as a gift
December 13, 2012
Q: We prepared and filed a quitclaim deed transferring my father's house to me so we could refinance to get some cash for my father from the equity of the home. My father did not qualify for refinancing and had lots of medical expenses.
Real Estate Matters: Ask the Lawyer
December 9, 2012
Q: I currently own a home that is paid in full, with no mortgage. I want to add the name of my daughter to the house deed. Would you be able to tell me the pros and cons of this decision in terms of property taxes?
Implications of real estate gift differ from inheritance
December 8, 2012
Q: I thought you might have said on your radio show that you didn't advise giving a home away. My uncle is thinking of giving me an old house, but I didn't remember why that was a wrong thing to do. Please can you tell me again, so we don't make a mistake?
Good team is key to good investment in real estate
December 7, 2012
Q: First off, I love all of your greatly informative articles and blogs. Thank you for providing the public with such useful information. I was curious to know how to go about locating and purchasing some properties that would be comparable to the ones in your article, "What Can You Buy for Less Than $1,000?"
Full-service broker vs. discount: Which is better?
December 6, 2012
Q: A fixed-price real estate listing company is an advertiser on your radio show. I accept advertising for what it is.
Moving on after short sale
December 2, 2012
Q: My husband and I purchased a home in 2006. But I lost my job in 2010, drained our savings, and started charging groceries and daily necessities on our credit cards in order to keep up with our mortgage payments.
Searching for property tax liens on the Internet
December 1, 2012
Q: How can I check for an IRS property tax lien using the Internet? I am housebound and can't get to county courthouse.
Heir wants to sell damaged home
November 30, 2012
Q: I recently inherited my sister's home, which was badly damaged by fire and smoke. I do not want to keep the house. What is the best way for me to dispose of the property? I received a low offer from a person who would tear it down and build a new home on the property. He's offering only what it would cost to demolish the house. What should I do?
Splitting land from house causes accounting conundrum
November 29, 2012
Q: We bought a single 22-acre parcel in late 2004. In order to refinance this year, we had to split the single parcel into a 4-acre parcel that contains our house and an 18-acre agricultural parcel.
Flat rate listing agent may fall short on service
November 25, 2012
Q: What's your opinion of the flat rate listing vs. the traditional "full service" listing agent? We listed our previous home with a flat rate listing service about 10 years ago but it ultimately didn't sell that way. I'm still considering going that route since my mom's house has depreciated so much that every dollar counts.
Successful private investor might be ready to approach a commercial lender
November 24, 2012
Q: I've been investing in real estate since late 2009. My business partner and I have accumulated eight single family homes, all held in a limited liability corporation (LLC). These are lower income properties, but our returns have been fantastic.
Walking away from under-water home should be last resort
November 23, 2012
Q: I've been forced into retirement as I can't find a job with my skills inventory. That means I have to live on a fixed of about $2,400 per month, and my monthly mortgage payment is about $1,650.
Owner's title insurance might smooth buy out transaction
November 22, 2012
Q: I wrote to you earlier regarding a suit to partition elicited by the co-owners of my home. I owned the home with a friend and when he died without a will, they became my co-owners. In lieu of filing suit, I've agreed to buy them out for a price which is probably less than the house is worth.
Investing in real estate within the family
November 18, 2012
Q: I live in the Atlanta area. I have three older kids in their early 20s, and I'm considering buying a small and relatively inexpensive piece of real estate for them to get them started with homeownership.
Cannot streamline refi 15-year loan to 30-year
November 17, 2012
Q: I obtained a 15-year fixed FHA home loan early last year with an interest rate of 3.75 percent. I have about 13 years to go on the loan.
Has underwater condo, wants new house
November 16, 2012
Q: I currently own and live in a condominium, but I want to sell it and buy a house. However, because I'm upside down in my condo, I'm not able to sell it. I don't have any problems paying my mortgage, and my credit is excellent.
Rescuing daughter from mortgage without bailing out deadbeat son-in-law
November 15, 2012
Q: My son-in-law walked away and left my daughter with no job and no money. They are not delinquent on their house payments now but will be next month. Their loan is with one of the huge banks.
Quitclaim deed on house without new mortgage leads to grief
November 11, 2012
Q: I'm divorced and signed a quitclaim deed to my ex-wife. My ex-wife failed to make payments on the mortgage, and the home has now gone into foreclosure. Mine is the first name on the mortgage.
When doing FHA streamlined refi, it pays to shop around
November 10, 2012
Q: I have an FHA loan for my house. Is this a good time to refinance? I am current on my mortgage, and my home value is higher than what I owe.
When servicer goes bust, troubled borrowers often go back to square one with HAMP applications
November 9, 2012
Q: A couple of days ago, my brother, who lives in Las Vegas, called me and said he received a letter saying that his mortgage company had filed for Chapter 11 bankruptcy protection.
Sell now or wait for price appreciation?
November 8, 2012
Q: I live in Atlanta and love listening to you on the radio. Do you think it is better to put a house on the market now or wait until spring? It is my mom's house that I'm thinking about, and she recently moved into an assisted living facility.
Wife doesn't know why she's on the title but not on the loan
November 4, 2012
Q: My ex-husband, while we were still married several years ago, refinanced our home without my knowledge. The home was in both of our names, but he was allowed to do it as a single man. My name is nowhere on the loan documents. He received about $100,000 cash from the refinancing.
Buyer finds unexpected tax lien holding up closing
November 3, 2012
Q: I found your website online and need your advice. I purchased a home in a court sale. I am going through the closing now and found out that the owners can't sell the house to me because of an IRS lien that should have been removed.
Paying down principal early saves great deal over long term
November 2, 2012
Q: I have a $2,000 overage on my mortgage escrow account. Should I let the lender apply the cash to the next 12 payments equally over the next year or get a refund and make an extra $2,000 payment on my next monthly payment? Which would be better for me?
No luck refinancing rental townhouse
November 1, 2012
Q: My wife and I bought a townhome in May 2006. Our mortgage rate was about 6.5 percent. We lived in the townhome until last May, when we bought a new home.
Digging out from damage caused by 'deadbeat' husband
October 28, 2012
Q: My home is underwater, I'm at risk of foreclosure, and I have a deceased deadbeat husband. Add to that my dead husband's habit of signing my name to things. I now have to deal with IRS liens and legal bills from attorneys. There's just too much bad news all around me, and I feel that so many people are trying to take advantage of me. Do you have any advice?
When interest rates rise again, unwary investors could be in for pain
October 27, 2012
Q: On a recent radio show, you were discussing possible problems in the bond market. You stated that, in your opinion, the bubble would eventually pop. In 2010, when I retired, I attempted to rebalance my portfolio according to the conventional wisdom of investing more in bonds and less in stocks as you get older.
Housing and transportation costs putting squeeze on households
October 26, 2012
For every $1 increase in income in the past decade, housing and transportation costs rose $1.75. In total, a family with a moderate income (defined as 50 to 100 percent of area median income) spends nearly 60 percent of household income on just those two categories.
Does it make sense to prepay a cheap mortgage?
October 25, 2012
Q: I refinanced two years ago to a loan at 3.625 percent. I have lots of equity in my home and have been paying more than double each month since I refinanced.
Reverse mortgage aren't right for everyone
October 21, 2012
Q: In a recent column, you attempted to help a retiree refinance his home. You gave him many ways to contort himself in order to become a square peg in a lender's round hole. However, if he refinances in the manner you suggested, he'd be obligated to make mortgage payments until he's 92!
Reverse mortgages are not for everyone
October 21, 2012
Q: In a recent column, you attempted to help a retiree refinance his home. You gave him many ways to contort himself in order to become a square peg in a lender's round hole. However, if he refinanced in the manner you suggested, he'd be obligated to make mortgage payments until he's 92!
Many property management companies have added new fees
October 20, 2012
Q: I own a condominium in Virginia and rent it out. I realize condominium associations try to limit renters to make sure the building remains FHA-approved, and also to keep property values up, but I think our condo association is misinterpreting one rule and has illegally created a second rule.
Mortgage transfer of half a house comes with risks
October 19, 2012
Q: My parents are divorced and my father would like to sign his half of the house over to my brother and me. The only problem is, he doesn't want to transfer the mortgage to us and wants to continue to pay it himself.
In divorce proceedings, careful disposition of real estate is vital
October 18, 2012
Q: If my spouse said in our divorce mediation that our marital home would be her sole and separate property and that she'd be solely responsible for the costs and expenses of the home, including the mortgage, why is a court now saying I must sign a quitclaim deed to her or be in contempt of court?
Should IRA distributions be used to pay down mortgage on underwater home?
October 15, 2012
Q: When I retired a few years ago, I moved my 401(k) into an IRA. Now that I am 70, I got a letter stating that I need to make withdrawals from the account, and giving me options of life income certain payments or fixed period payments.
Weighing strategic default on underwater income property
October 15, 2012
Q: My husband and I are contemplating allowing our rental property to go into foreclosure, and we desperately need your advice. When we married in 2010, we had three homes. We each had a house prior to being married, and I purchased the home in which we currently live. I was able to sell my former home, and we turned my husband's home into a rental.
LLC may not be best way for family to protect inherited house
October 12, 2012
Q: My mother passed away last year. I have two brothers, and I am the executor of her will.
Attorney botches mortgage reaffirmation in bankruptcy proceeding
October 8, 2012
Q: My Chapter 7 bankruptcy was discharged this spring. My attorney had me reaffirm my primary mortgage prior to filing the Chapter 7. He said this would be necessary in order to ask the court to dismiss the second mortgage.
Even for excellent savers, early retirement might not be best move
October 7, 2012
Q: My wife and I are both 47 years old, and we both have Roth IRAs that we are maxing out each year. We have a total balance between the two accounts of around $115,000. I have a 401(k) and 457 combined pension plan as well, which I am maxing out, and the balance there is about $225,000.
Does developer need to pay taxes and HOA assessments on property it retains?
October 6, 2012
Q: The builder of our subdivision has transferred control of the homeowners' association (HOA) to the residents. Now that we run the association, the builder still owns property in the subdivision for which it has not paid dues.
Looking for buyers, some developers are guaranteeing rent on currently owned homes
October 5, 2012
Q: I just read an article in my local paper about a company that guarantees the rent of an existing home for three years (and covers many of the fees during the first year) for homeowners who buy a new home from one of the company's homebuilder partners.
Fair warning: Some condo units contain common elements of association
October 1, 2012
Q: I bought a townhouse condo four years ago, and I just found out from a local plumber I hired that the main water shut-off valve for some of the other units in the association is located in my house. I was never informed about this from the seller or the homeowner's association.
401(k) distribution for down payment: Wise move?
September 30, 2012
Q: My husband is considering taking part of our 401(k) after we retire and cashing it in. He wants to use that money as a large down payment on a house.
Flush but frustrated borrower points out continued weakness in lending environment
September 29, 2012
Q: My current mortgage has a rate of 4.99 percent with 27 years left on the term. I was looking at refinancing to a 30-year loan at 3.5 percent with a cash-out refinance to pay off our second home which has a balance of $35,000 at 5.25 percent and six years left on the term.
Defrauded wife needs attorney to sort out shady mortgage
September 28, 2012
Q: Unbeknownst to me, my soon-to-be-ex-husband set up a second refinance of our property in 2005 to pay off his debts. The day of the refinance, I was told we were going to go pay the monthly mortgage payment bill. Upon arriving at the lender's office, I was shown paperwork that I was expected to sign.
1031 exchanges are for assets of like kind
September 24, 2012
Q: I just watched your YouTube video on 1031 exchanges. Could you give me more details on how a swap between a real estate asset and an oil/gas asset would play out? In other words, will I be able to physically own the oil/gas asset as I did with the real, estate hypothetically speaking?
Homeowners have mortgage but no deed
September 23, 2012
Q: Eighteen years ago, my husband's aunt bought a house for us to live in. The payments and deed are in her name; however, we make the payments, including insurance and taxes.
Great opportunities for refinance should last a few more years
September 22, 2012
You can stop worrying that you're going to miss taking advantage of historic low interest rates. They'll be around for at least another three years.
Well off, but stuck in underwater condo
September 21, 2012
Q: With all the creative geniuses in the U.S. such as Bill Gates, Mark Zuckerberg and the Google guys, why is there not even one innovative, out-of-the-box genius to help people like me in this real estate crisis?
Clearing up misconceptions about the FDIC
September 17, 2012
Q: In a recent radio show, Ilyce took a call from someone who asked what worries her about the economy. She talked about the upcoming presidential election, the Euro Zone debt crisis and China slowing down. She said something to the effect that it doesn't matter who wins the election because neither party has the political will to do anything about the fiscal cliff and looming debt crisis.
Mortgage interest rates hover near all-time lows, but window of opportunity won't last forever
September 15, 2012
Mortgage interest rates dropped again this week, hovering near all-time lows, according to the Freddie Mac weekly primary mortgage market survey.
Parents seek to solve son's dilemma with underwater house
September 14, 2012
Q: I have heard you many times on the radio, and last year you were kind enough to respond to an email question regarding foreclosures.
Qualifying for HARP
September 10, 2012
Q: Long story short, my house is underwater. I am currently talking to my mortgage company for a HAMP or HARP. I collect Social Security disability as my only source of income. My credit score is about 750.
Short sale or strategic default is fraught with costs
September 9, 2012
Q: I lost my job in Atlanta, but I have been offered a position in another state. I am currently working with a real estate company trying to sell our home. I am underwater and will need to work with my lender to approve a short sale.
Homeownership ranks are thinning
September 8, 2012
What percentage of Americans own their own homes? It depends on how you count.
HELOC impedes refinance
September 7, 2012
Q: I recently attempted to do a FHA streamline refinance and was denied because I have a home equity line of credit (HELOC) that is maxed out. The lender told me that because of the HELOC, the streamline refinance would require an appraisal. And, given that the house is underwater, I would not be able to do it.
IRS must release lien before short sale can proceed
September 3, 2012
Q: If my bank approves a short sell for my house but I have a federal tax lien for underpayment of taxes in 2008 and 2009, can I sell the home and then separately continue to pay the IRS monthly payments? I have an agreement in place with them to make these payments to pay off the tax lien.
What to do with $50,000?
September 2, 2012
Q: If you had $50,000 in a bank savings account, how would you invest it?
As insolvent homeowners struggle on, no help coming from government
September 1, 2012
We routinely get email from our readers that are typical of the following letter:
Paying extra on mortgage can give some borrowers a leg up
August 31, 2012
Q: In a recent column, you advised a reader to refinance her $87,000 loan at 5.25 percent interest with a new loan at 3.99 percent. She was paying about $700 on her old loan and was going to pay about $625 per month on her new loan. I would suggest that there is another solution.
Title transfer may be couple's only hope for refinance
August 27, 2012
Q: I need some advice on my current housing situation. I am a married woman and bought my house almost four years ago. Two years ago, I had a baby, and my husband and I decided that I would stay home with her, so I resigned from my job. Since then, finances have been very tight on just my husband's income. The house is only in my name, and we would like to keep it that way, so his credit is nice and clean for a new home if we decide to rent or sell our current home for something a little less expensive.
Parents' stake in house may be claimed to defray Medicaid costs
August 26, 2012
Q: Fifteen years ago, my parents put my two siblings and myself on the title/deed to their house with the stipulation that they could continue to live in the house for as long as they lived.
Time running out on tax amnesty for short sales and foreclosures
August 25, 2012
We've received quite a number of letters recently from readers who are underwater on their homes and are trying to determine their best options. Some of these homeowners clearly are quite able to make their payments but view those payments as a waste of money. Others have moved out of their homes due to new jobs or job transfers and have continued to make their mortgage payments. Still others are struggling and don't know where they will find the money to make their next mortgage payment.
The politics of charging Mom rent
August 24, 2012
Q: Recently, a caller to your radio show asked whether she should pay off the mortgage on the condominium she owns. She said she had bought it because of her mother's emotional connection with the property. The mother is 59 and paying rent to the daughter. From the way the caller related the details of her situation, I think she already knew that the financially prudent thing to do is to pay off the mortgage -- and that is what you suggested.
Tax consequences of selling property differ depending on occupancy
August 20, 2012
Q: I recently sold a townhouse and was concerned about how much tax I would be responsible for paying. I sold it for $375,000. There was no mortgage on the property, and I hadn't lived in it since 2007.
Pondering a refinance offer
August 19, 2012
Q: llyce, I listen to you on the radio every chance I get. Thanks for all your advice.
Some green shoots in housing, but full recovery remains to be seen
August 18, 2012
Mortgage interest rates rose a bit this week, but not enough to make a meaningful difference in the price you'll pay to own a home. When you're talking about a 30-year fixed rate mortgage for well under 4 percent, a tenth of a point here or there doesn't mean much over the long run.
Can pay mortgage but doesn't want to
August 17, 2012
Q: I've read about strategic default and bankruptcy, and I'm a bit confused as to which is the better option for me.
Is it legit that timeshare company charges closing fees at point of mortgage payoff?
August 13, 2012
Q: My wife and I purchased deeded timeshare about five years ago. Approximately two and a half years ago, we paid off the note to avoid the high interest rate. A couple of months ago, we received a letter from the company stating that we owed approximately $500 in closing costs for purchase stamps, tax clearance and optional title insurance.
Lender's question on owner occupancy is straightforward
August 12, 2012
Q: In a condominium association with homeowners' association guidelines that include a 30 percent rental cap, do lenders' guidelines consider unauthorized leases toward that rental cap number? Unauthorized leases are those leases that are not owner occupied and are leasing without the approval of the association.
HARP 2.0 refi can really cut interest cost for qualified borrower
August 11, 2012
Q: We bought a house in 2006 and put down 20 percent. We are current on our mortgage, but our interest rate is 5.75 percent. We are trying to refinance, and the servicing of our mortgage recently was transferred to a new company.
Lender may get your tax bill, but you need to stay vigilant
August 10, 2012
Q: When I paid off my mortgage, I got the same information you gave in a recent article. However, one thing was missing. No one said to contact the property tax office. Only when I got a "possibility of foreclosure" letter did I realize my mortgage company was still getting the tax notice (they did not forward it). I got it all straight, but I had a heart-stopping moment that could have been avoided. Make sure the tax office knows where to send the bill.
Beware of companies offering to buy underwater home and rent it back
August 6, 2012
Q: I'm one of those homeowners who is upside down in a mortgage. I recently contacted a nonprofit company and was told that this company can buy my home and let me rent it for up to four years. At that point, I can buy back the home (or I can buy it back earlier) and I can buy it at 97 percent of the market value at the time.
Closing cost credit can cause problems if it appears to reduce purchase price
August 5, 2012
Q: Last Friday we closed on a condo. It is a second home for us and was considered an investment property, although the truth is we bought the condo for our son.
When mortgage lenders make late and obnoxious requests
August 4, 2012
Q: I was about to go to my closing for my mortgage on the purchase of my new home when the lender requested that I close my three credit cards. What should I do in this situation?
Anyone can invest in real estate, but good planning and flexibility are key to success
August 3, 2012
Q: I just wanted to say thank you. Your over-the-air advice encourages me and moves me forward in my real estate pursuits. I am a dairy farmer in the Atlanta metropolitan area, milking goats and making cheese. We bought 12.5 acres and are now up to 18 plus a foreclosure home my assistant lives in. Your discussion on real estate helped me go up against my county on a zoning issue. I plan my cheese-making chores around your show.
Strategic default on rental property may backfire
July 30, 2012
Q: My question is regarding a strategic default on a rental property. As with almost all homes, my townhome is under water by approximately $100,000. I live in Maryland, and my wife and I purchased this home in 2007.
No need to overinsure property
July 29, 2012
Q: I recently changed insurance agents. My last one was more elusive than Big Foot. The new one is telling me I am overinsured because my land or lot is also insured and doesn't need to be.
An immodest proposal to solve the housing debt crisis
July 28, 2012
Q. Instead of the proposal in California to use eminent domain laws to take over mortgages and then refinance them, how about this: Create the Bail Out Main Street Act 2012. Congress should immediately write and approve legislation to force all banks and financial institutions to do a one-time write-off and forgive all residential mortgage and home equity loans with balances that total $600,000 or less.
Key question for loan mod: Will it work?
July 27, 2012
Q: My lender told me I do not qualify for principal reduction on my home loan. I contend that I am not asking for principal reduction; rather, I am asking them to waive the fees and interest that I have not paid while I negotiated a loan modification while my foreclosure process moved on.
Good renters have little to fear in bank-owned building
July 22, 2012
Q: First of all, I adore your radio show! I drive rental cars for a living, and I listen to you every Sunday.
Mixed news for distressed real estate
July 21, 2012
There was good news and not so good news about foreclosures this week.
Pondering bankruptcy: What's at stake
July 20, 2012
Q: I have been unemployed for about a year and still have not gotten a job. I was paying my credit cards until a couple of months ago. My unemployment benefits stopped, and my savings are now gone.
Getting a loan when you're self-employed
July 16, 2012
Q: Are there specialists that provide mortgage services for self-employed professionals? My long-time personal bank seems lost when it comes to analyzing my ability to repay a mortgage. I would like to work with a bank or mortgage company that specializes in self-employed professionals (I am an attorney). Any advice?
Is paying mortgage off before retirement a good idea? Yes, but . . .
July 15, 2012
Q: We presently have a 20-year fixed rate mortgage at 5.5 percent interest, with about 14 years left to go. We owe approximately $163,000. Our home appraised for $200,000.
Mortgage fraud reinvents itself
July 14, 2012
Appraisal fraud. Mortgage fraud. Foreclosure fraud. Foreclosure rescue fraud. There are so many ways to scam homebuyers, homeowners and lenders.
Lots of interest frontloaded in 40-year mortgage
July 13, 2012
Q: My mom and dad have refinanced their home with a 40-year mortgage. They are both 71 years old. Have you heard of this type mortgage? What am I in for when the day comes, assuming they do not live to the payoff of the loan term at age 111?
Tricky trust issue over inheritance of home
July 9, 2012
Q: I read a few articles on your website regarding living trusts and life estates, but my issue has an unusual twist.
Mark Russell
July 7, 2012
Best Picture? "The Descendants": It should be called "The Descendents from Hell," being George Clooney's character's repugnant adolescent daughters. Their behavior improves when they discover that Clooney can really act.
Not a let of help forthcoming to underwater investors
July 6, 2012
Q: Four years ago, I financed a rehabbed property located in Atlanta on a bank appraisal of about $110,000. The current loan balance is about $88,000 on an interest rate of 6.625 percent. But the home's current value is about $25,000. My bank has valued it at under $50,000.
Real Estate Matters: Ask the Lawyer
July 2, 2012
Q: I currently own a cloud condo in San Diego. It consists of four units, all of which are four stories, detached by about 3 inches, no common walls, no common roof, no common pipes, no common exterior space -- in short, nothing is "common," and each owner carries his or her own insurance.
Financial Questions and Answers
July 1, 2012
Q: I purchased about four acres of raw land in Georgia in 2000. The land is in a gated development that I thought I'd retire to. I still owe approximately $18,000 on the land.
Wealth and the American Dream evaporate in a poof!
June 30, 2012
Spend a decade or two working hard, paying your bills on time and salting money away in your 401(k) at work. You've been hearing for years that this is the one formula that will allow you to achieve what you've always wanted -- a golden retirement.
Brokers can serve renters as well
June 29, 2012
Q: I love your show, and your advice is always so helpful! My current lease is up at the end of September, and I really want to lease a single-family home or townhome. I've also considered using a real estate agent/broker to search for me, but I'm not sure how that works. Would I be required to pay a fee? What is an acceptable fee? Where would I be able to find an agent or more information?
Title to house caught in the middle of a bad marriage
June 25, 2012
Q: Years ago, I bought my mother's house and then made the mistake of getting married for a second time. My husband's name is second on the title to the property.
Residence converted to rental creates tax complications
June 24, 2012
Q: I have a home that I have rented out for the past 18 months. Prior to that, I lived in the home for eight years. I want to sell it and buy a different rental home.
Not a ploy when agent states bank's bottom line for REO
June 23, 2012
Q: We are trying to buy a bank-owned house. The listing price was $115,000, and we offered $90,000 last week. The listing agent wrote back: "The bank said $96,000. All other terms the same. That is their bottom."
Owners should hang on to cash-positive rental unit
June 22, 2012
Q: My wife and I were listening to your Sunday show and tried for two hours to get through on the telephone, unsuccessfully. Here's our situation.
Suit with heirs of co-owner turns on how title to property was held
June 18, 2012
Q: I own a home jointly, but the other owner passed away without a will. His family has filed a suit to partition and insists that if I don't buy them out, they will have the home auctioned. The home is fully paid for. Only the deceased party and myself have names on the deed. Please tell me if they can proceed with this and what my legal rights are.
Return to recession could be right around the corner
June 16, 2012
Are we facing another recession?
HARP 2.0 refi may help underwater homeowners
June 15, 2012
Q: My husband and I purchased your book "100 Questions Every First-Time Home Buyer Should Ask" 10 years ago. We are happy to say we have never been late or missed a mortgage payment.
Confusion over description of parcel in loan
June 11, 2012
Q: Our lender purchased our mortgage in 2003. Even though we own 35 acres of land, we have had only a two-acre cutout involved in the home mortgage for the more than 30 years we have owned the property. The lender is insisting that the collateral is the entire property, not just the two acres.
Can lender foreclose on half a house?
June 10, 2012
Q: I was in foreclosure, and my home was ready to go on the auction block when I notified the sheriff's office that they were selling half a house. My loan is owned by one of the biggest banks.
Selling your home? 5 things you must do
June 9, 2012
There is a house for sale that we pass every day on the way to the office. The home's exterior seems to be well taken care of, but the lawn isn't mowed. Actually, it's about a foot high and has gone to seed.
Buying and short-selling at the same time not a likely solution for underwater homeowner
June 8, 2012
Q: We are saving to buy a second home to find better schools for our kids and because we are 50 percent upside down in our current home. We plan to short-sell our current house once we get into the new home. Our current loan is an FHA loan.
Is it worth breaking up a family to claim an inheritance?
June 4, 2012
Q: I have an interesting situation. My aunt recently died and left behind an estate that includes a luxury condo in Illinois. My aunt had no family of her own, and left 40 percent of her estate to my mother (her sister), and 20 percent each to me and my two siblings. We have divided and distributed all the assets except for the property.
More on IRS tax liens
June 3, 2012
Q: I am an enrolled agent with 20 years of practice and 30 years working for the IRS. I thoroughly enjoyed your recent article dealing with IRS liens. I had a few thoughts to add.
Prospective buyer suspects shady dealings
June 2, 2012
Q: We live in a very rural part of Florida. The property next to ours was had a mortgage that was owned by Bank of America. The property, which was completely trashed, finally went into foreclosure. The house is worthless, so it's just land value.
Passive vs. active real estate investment
June 1, 2012
Q: I have been listening to your show through iTunes and have learned a lot over the past few weeks. Thank you for the information you share.
Is bankruptcy a better option than strategic default?
May 28, 2012
Q: About a month ago, you wrote an article about strategic default options for underwater homeowners. I was surprised that you didn't mention bankruptcy with surrender as an option for underwater homeowners.
Explanation not likely for prospective buyer rejected by co-op board
May 27, 2012
Q: I was trying to buy a co-op. I found a property and paid fees for appraisal, fees to my attorney and to the bank attorney, and some money to the co-op board for them to release some information.
Home-value insurance: We're not convinced it's a good idea
May 26, 2012
Several weeks ago, we were asked whether it made sense to buy insurance on a property's value that would pay off if the value declined. We suggested that buying property value insurance when property prices are the lowest they have been relative to income in decades wouldn't be a prudent use of resources.
Finding a good agent to sell your home
May 25, 2012
Q: We are selling our home possibly next year and would like to know how to find the right agent to represent us. We will choose a few to talk to and see which one impresses us the most.
What do sellers have to disclose about old houses?
May 21, 2012
Q: My husband and I purchased our first home in 2011.The home is a four-story townhouse in Washington, D.C. Built in the 1880s, it has had many owners and updates.
Rented home doesn't pay the mortgage -- now what?
May 19, 2012
Q: We own a home in Georgia. Due to a job change, my husband moved out of state and took a large pay cut. I stayed in the home for a year after he moved and we depleted our savings during that time.
Breaking refinance bottleneck would do a world of good
May 19, 2012
What if you could give the economy a huge shot in the arm without costing the taxpayers anything extra? What if at the same time, you could make it easier for people now living at the margins to stay in their homes?
Some RE markets seeing tough competition on buy side
May 18, 2012
Q: We recently moved to Las Vegas and expected to have a very easy time finding a home at a great bargain. Our budget is up to $260,000, and we're looking for a three- to four-bedroom home with a pool.
Don't invest in real estate before learning basics of business
May 13, 2012
Q: I put an offer in at 20 percent above the asking price for a property in the neighborhood. The house was originally priced at about $70,000, and later it was reduced to about $50,000.
IRS lien will often kill home sale
May 12, 2012
Q: Does an IRS lien follow a homeowner or a property? We can't get a straight answer from the bank. We consulted with another professional in the finance industry, and he says an IRS lien follows the property.
Seller should help correct title company error -- but should not have to pay to do so
May 11, 2012
Q: My father's property was sold in California a couple of years ago. I recently heard the title company that assisted my father in the sale. They told me that there was a "typo" on the number of lots that were sold.
Second and third mortgages make short sale tricky proposition
May 10, 2012
Q: I have a second and third mortgage on my house. Can the lenders of my second and third mortgage foreclose on my house even if I make all my payments to my first mortgage lender in timely manner? Is there any way that I can short sell my house?
Information about listing on MLS is not guaranteed
May 6, 2012
Q: We just purchased and closed on a home with community pool/spa listed in the local multiple listing service (MLS) in a gated community.
Getting sound financial planning advice after a layoff
May 5, 2012
Q: I was laid off last night, and I need advice about what to do with the money I have in my company 401(k). Would you be able to recommend a fee-only financial planner who could help a 68-year-old woman who is not investment savvy? And should I use the cash in my 401(k) to keep making my mortgage payments until I find a new job?
Hunting for property in pre-forclosure
May 4, 2012
Q: I am a real estate agent in Georgia and I live in Roswell. I sold my home very quickly and am looking for a home under $300,000 in this area. I have made five offers in the last two weeks. Unfortunately, they have been under full price and I have lost all of them.
Backing out of a deal over unpermitted addition
May 3, 2012
Q: I went to city hall to check permits on a property I want to buy, and I found out that the property line is actually halfway through the yard.
Lenders cannot discriminate against pregnant borrower
April 29, 2012
Q: Back in March through June 2009, we were preapproved for a loan from our lender while doing construction.
Getting credit utilization under control will make you more appealing to lenders
April 28, 2012
Q: I've racked up $9,000 in debt on a $10,000 line of credit, but I can pay it off at any time.
Without 20 percent equity, refinance offers won't have the lowest rates
April 27, 2012
Q: I recently tried to refinance my home with my mortgage lender. The best deal they offered me was 20-year fixed-rate loan carrying a 4.25 percent interest rate.
Refinancing rental properties is possible, but not at rock-bottom rates
April 26, 2012
Q: I have three properties: my home and two rentals. I'm working and earning enough money to pay all of the mortgages. I'm not behind and have not missed any payments.
Seniors: It's almost always a bad idea to 'deed' your house to your heirs
April 22, 2012
Q: My husband is 85. He is on 100 percent VA disability, plus homestead exemptions. Our home is paid for, and due to the exemptions we pay no taxes on it.
Underwater FHA homeowners already have clear path to refinance
April 21, 2012
Q: You mentioned on one of your radio shows that there would be a refinancing program coming available for FHA homeowners who have paid on time but are underwater. Do you have any more information as to when this will happen and who to contact to refinance? Also, do you know what costs will be involved? Thank you.
The ethics -- and advisability -- of a strategic default are situational
April 20, 2012
Q: Do you ever address strategic default on rental property? I owe $135,000 on a property that is worth only $65,000.
Good attorney is needed for a successful sale by owner
April 19, 2012
Q: I have a possible buyer for my home and am selling it by myself. There is no agent involved on either side of the transaction. What are my responsibilities as a home seller? Are there any disclosures I have to make? There is no mortgage on the house.
How to use title insurance to protect against an old lien
April 15, 2012
Q: I purchased land in 2003 and obtained a title insurance policy from one of the most prominent title insurance companies in the country. Additional title searches and policies were issued when I obtained a construction loan and a loan modification in 2005.
Making a plan to get out from under debt
April 14, 2012
Q: I have a fairly complicated situation, but I'll make it as simple as possible. I have some debt and I'm wondering how to prioritize it.
Knowing the difference between HARP and HAMP, and how to get help
April 13, 2012
Q: The Hope Hotline is for people who are trying to avoid foreclosure, not looking to refinance. We are not able to direct the people to any lender for assistance with HARP!
Getting ducks in a row for selling home, then buying new one
April 12, 2012
Q: How do we decide if we should do a remodel or not, and how much to ask for our house? If we haven't found a new house yet, when should we put the property up for sale?
Insuring home against price drop doesn't seem like a good investment
April 8, 2012
Q: Can you provide information about home value protection insurance? It provides protection for homes to prevent home values dropping. When you sell home, it will supposedly provide the difference of lost value of home during the sale.
Underwater super-jumbo homeowner may be out of good options
April 5, 2012
Q: I live in Los Angeles and bought my home in 2007. The value has decreased close to $500,000, and I am on an interest-only loan for five more years. I am starting to get nervous. I would like to stay in the house, but I am not sure my bank will agree to a loan modification.
Reprieve from taxation of forgiven mortgage debt ends this year
April 1, 2012
Q: Will mortgage companies report to the government the loss of a foreclosed property so that the person will have to pay taxes as earned income for the following tax year?
Bank makes closing credit cards a condition of cash-out refi
March 31, 2012
Q: I have a situation in my mortgage refinance process and need your advice. My husband and I have two houses. We live in one of them and we are trying to sell the other one but we couldn't get the price we wanted.
Taking advantage of FHA streamline refinance
March 30, 2012
Q: I purchased and closed on a home May 2009. The house is now 30 percent underwater. We bought it for around $120,000 and now its worth around $80,000.
Borrower quoted sky-high closing costs for HARP 2.0 modification
March 29, 2012
Q: We are underwater with our home. We have never been late on our payments and have good credit. We called our lender and were accepted for the HARP 2.0 loan program. Our loan is owned by Freddie Mac.
Lawsuit progresses against bank for botched HAMP modification
March 25, 2012
Q: I was listening to your radio show recently when a gentleman called in to talk about his loan modification situation.
Will putting more money down affect interest rate on loan?
March 24, 2012
Q: If I buy a home and put down $30,000 and then wait until the end of the year and pay another $30,000 toward the principal owed on the loan, would there be a bigger benefit than if we simply put down $60,000 more for our down payment?
The housing crisis blame game
March 23, 2012
When it comes to the housing and foreclosure crisis, there's plenty of blame to go around.
You can't hide assets from a creditor with a judgment against you
March 22, 2012
Q: My sister and I purchased a boat slip several years ago, which we could not afford to keep. Our lender has just filed judgment papers. We are at a point where we need to decide whether to negotiate a lower amount with the lender or simply let them try to collect on the judgment.
Real Estate Matters: Ask the Lawyer
March 18, 2012
Q: How do I report a fraudulent bankruptcy after suing our seller? The seller gave all his assets to his kids then filed for bankruptcy so we couldn't get any money awarded and have left us in the hole.
Was inspection report improperly shared?
March 18, 2012
Q: As a short sale buyer, I paid for the well and septic inspections on a home. During the walk through, the seller casually disclosed the well water had potentially harmful contaminants (arsenic and sulfates).
Does forgiven mortgage debt have tax consequences?
March 17, 2012
Q: Due to my cancer diagnosis, and subsequent expenses, my wife and I filed bankruptcy in 2010. Just a few days ago we received a 1099-C from the second mortgage holder indicating they had cancelled the debt on July 28, 2011.
Cancelled mortgage debt not considered income, under certain circumstances
March 17, 2012
Q: I formerly financed a property in Denver that successfully underwent a short sale last year. I lived in the property from 2005 to 2008 and relocated to take a job in Ohio in 2008.
Economy improves, but real estate still in depression
March 16, 2012
The economy looks a little stronger. New weekly unemployment claims are falling. More people are going back to work and the GDP is rising. Even consumer confidence took a big jump last month, as a historically warm winter helped everyone feel better -- and spend less on energy.
Housing market predictions: Good news or more of the same?
March 16, 2012
Is the housing news we're getting good?
Big pay cut doesn't necessarily rule out refinance
March 15, 2012
Q: We would like to refinance our home. My husband's pay was cut by more than half. We currently have a 6 percent 30-year fixed rate mortgage. We have not missed a payment and we are not upside down in our home's value.
Being able to buy a home does not necessarily mean you should
March 15, 2012
Q: I am a 22-year-old student who has been pre-approved for a loan to purchase my first home. I have about $10,000 in savings and don't want to spend all of my savings to get into a house. Do you know of any incentives or deals that could help me get into a house without spending all of my savings?
Real Estate Matters: Ask the Lawyer
March 11, 2012
Q: How do I report a fraudulent bankruptcy after suing our seller? The seller gave all his assets to his kids then filed for bankruptcy so we couldn't get any money awarded and have left us in the hole.
Does forgiven mortgage debt have tax consequences?
March 10, 2012
Q: Due to my cancer diagnosis, and subsequent expenses, my wife and I filed bankruptcy in 2010. Just a few days ago we received a 1099-C from the second mortgage holder indicating they had cancelled the debt on July 28, 2011.
Economy improves, but real estate still in depression
March 9, 2012
The economy looks a little stronger. New weekly unemployment claims are falling. More people are going back to work and the GDP is rising. Even consumer confidence took a big jump last month, as a historically warm winter helped everyone feel better -- and spend less on energy.
Being able to buy a home does not necessarily mean you should
March 8, 2012
Q: I am a 22-year-old student who has been pre-approved for a loan to purchase my first home. I have about $10,000 in savings and don't want to spend all of my savings to get into a house. Do you know of any incentives or deals that could help me get into a house without spending all of my savings?
When does it make sense to put property in LLC?
March 4, 2012
Q: I recently purchased a rental property in Illinois. The title is held jointly by my wife and me. We got an investment mortgage for 80 percent of the value of the property. I have set up an LLC and would now like to transfer title to the property into the LLC. My research suggests that the easiest way to do this is via a quitclaim deed; however, I also see that I could avoid losing my current title insurance by using a warranty deed.
Buying a CD vs. paying down mortgage debt
March 3, 2012
Q: I have a certificate of deposit (CD) worth over $70,000. I wonder if is wise to take my CD out when it matures and pay off my house mortgage that has a current balance of about $70,000.
Deed in lieu may do no greater harm to credit after bankruptcy
March 2, 2012
Q: We successfully signed a loan modification with our lender two years ago. It took forever to get the loan modification.
Is it worth refinancing mortgage with low balance?
March 1, 2012
Q: I may have misunderstood some information from a recent radio show but wanted to clarify it anyway.
Last will is binding, regardless of what heirs may wish
February 26, 2012
Q: Our mother passed away quite suddenly. She had her old will out on her table as if she were going to update it.
Short sale has negative consequences, but lets life go on
February 25, 2012
Q: We have a home in Marietta, Ga., and our mortgage balance is about $190,000 and the value of our home is about $180,000. We had to move to Florida for a job, and we don't have money for both homes.
Age not at issue in getting mortgage; income is
February 24, 2012
Q: I'm nearing 70 and my wife is 46. I want to buy her a house. I have "enough" in savings and can buy the home outright. She has solid income and can pay for the maintenance costs going forward. But I'd love to take advantage of the current low mortgage interest rates.
'Short sale hell' all too common
February 23, 2012
Q: I am having a horrible time dealing with my mortgage lender (one of the big five that was just named in the $25 billion foreclosure settlement) in getting my short sale to close.
What happens to loan from parents for now distressed property?
February 9, 2012
Q: My wife and I are in our late 60s, and two years ago we loaned my son and his wife $60,000 for a down payment on a home. They bought the home for about $400,000, and now it is worth about $350,000.
MLS grants equal opportunity to see listings
January 5, 2012
Q: A friend of mine told me that my Realtor should be able to see listings before they are publicly posted on an MLS website. Therefore, she should be able to let me see a home that will be sold before everyone else does.